At lunch today the subject of short sales and foreclosures in Oklahoma City came up. The question was what percentage of our sales are short sale or foreclosure properties.
So I ran the numbers.
This year (through October), 853 sales out of 12,971 in the Oklahoma City multilist were short sales or foreclosures. That works out to 6.6%. This is far lower than I’ve seen in other parts of the country.
Looking at the individual monthly sales, distressed homes ranged from 5% to 9% of the sales. The lower range occurred during the ‘good’ months of March through June. This coincides with the buying frenzy that occurred as the homebuyer tax credit expired. That leads me to speculate that we’ll probably see distressed property rates in the 8% to 10% range in the near future.
On the listings side, distressed properties make up 1.7% of the listings. Today there are 9,018 active properties on the multilist and 156 of those are distressed properties.
So, 1.7% of the listings account for 9% of the sales. That means they’re selling folks!